What is the best piece of financial advice you were ever given?

I’m a melting pot of thousands of ideas that I’ve heard over the years. Singling out one? Whoa. Tough.

I learn the most while reading. So the best “advice” I’ve ever received has usually come via books, or the media.

And I’ve read some truly crappy advice during that time also. Some so inately offending my central being, that I’ve sometimes had to do something about it. That once included writing a book (Debt Man Walking) in response to an appalling newspaper column.

But here are three.

George C Classon’s The Richest Man in Babylon is a classic. There were plenty ripper ideas to take out of that book. But it was the line about “paying yourself first” that I’ll remember most.

You need to be constantly investing for your future. Preferably every time you get paid. But if not every week or month, then at least making a considerable investment every year.

A second would be to “invest in yourself”. No matter whether you’re self-employed or an employee, you need to constantly be learning.

That might be through formal qualifications, or on the job, or being mentored by people you look up to. It will almost always pay dividends.

And regarding investment, I’d nominate one from Warren Buffett, talking about Berkshire Hathaway’s investment philosophy: “Our favourite holding period is forever”.

What it doesn’t mean is that if you buy a dog riddled with fleas, that you shouldn’t sell it. You should.

But quality companies with good management, and quality investment property, will give you the benefits of compounding and lower fees, from not trading.

Bruce Brammall is the principal adviser with Bruce Brammall Financial (www.brucebrammall.com.au) and author of Mortgages Made Easy.